Agricultural supply to countryside retailer Wynnstay Group said a strong second half performance to its last financial year contributed to record pre-tax profits.

The Alternative Investment Market listed firm, which has its headquarters in Llansantffraid, has this morning reported pre-tax profits of £8.6m for the year to the end of October, 2014.

It said that its broad spread of activities is continuing to be a major strength, as it reported revenues for the year of £413.56m, compared to £413.48m a year earlier.

Chief executive Ken Greetham described the results as pleasing and in line with management expectations, "with a with a robust second half contributing to a record annual profit."

He added: "The trading backdrop was markedly different to the comparable period last year, with price deflation, falling output prices and a significant variation in weather conditions.

"However the broad business base has once again provided a buffer against the challenges arising from the varied trading conditions during the year.

"We continued to extend our market presence across a number of our sectors, aided by our recent acquisitions, including CPF, which has integrated very well.

Wynnstayresults

£413.5m

Revenues

£8.6m

Pre-tax profits

25.28p

Earning per share

"The macro economic factors driving long term prospects for UK agriculture remain compelling despite the short term issues resulting from the decline in output prices, which has been particularly evident in the dairy sector.

"While there are only limited signs of a reversal for our farmer customers at this point, we expect global food and energy demand to return output prices to more realistic levels, bringing renewed vigour to the sector."

On the outlook Mr Greetham said: "Wynnstay is well placed, with a strong balance sheet and a broad spread of activities across the sector,

producing a track record of sustainable results, and we remain confident about the Group’s prospects despite near term challenges."